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Many products exported to the US with export turnover of over USD 1 billion

25/01/2021

In 2020, the US was Vietnam's second largest trading partner (after China) but the number one export market of Vietnam.

According to information that the General Department of Vietnam Customs has just announced, in 2020, the total import-export turnover between Vietnam and the US reached more than USD 90 billion.

In which, Vietnam's export turnover reached USD 77.08 billion, an increase of 25.7% compared to 2019 and accounting for 27.3% of the total export turnover of the country.

The list of goods exported from Vietnam to the US is quite diverse. In which, there are many items with turnover from USD 1 billion or more.

Notably, the US is the traditional and largest market for the textile and garment industry. In 2020, although the impact of the Covid-19 pandemic caused the turnover to decline, the value of goods exported to this country still reached nearly USD 14 billion, a decrease of 5.6% compared to 2019 but still accounting for 46.9% of the country's textile export turnover.

Other key commodity groups can be mentioned such as: machinery, equipment, tools and spare parts with USD 12.21 billion, an increase of 141.5%; computers, electronic products and components reached USD 10.39 billion, an increase of 71.7%; phones and accessories reached USD 8.79 billion, decreased by 1.2%, etc.

On the import side, last year the country spent USD 13.71 billion to import goods from the US, down 5% compared to 2019 and accounting for 5.2% of the total turnover of the country.

There are 3 groups of goods imported from the US with a turnover of USD 1 billion or more, including: computers, electronic products and components with a turnover of USD 4.72 billion; cotton import volume reached 837,645 tons, turnover was more than USD 1.3 billion; machines, equipment, tools and spare parts reached more than USD 1 billion.

To date, Vietnam has signed 15 FTAs, of which 14 have taken effect. The Regional Comprehensive Economic Partnership (RCEP) alone is in the process of ratification.

The results achieved in 2020 have made Vietnam one of the most open economies. Vietnam has trade relations with over 230 markets, creating favorable conditions for domestic enterprises to expand their markets, connect and participate more deeply in the global value chain and production network.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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